Company file · APO
Apollo Global Management
Apollo Global Management's revenue rose 22.7% in FY2025, to $32.0B, and net income fell 23.7% to $3.5B
Revenue rose 22.7% to $32.0B in FY2025, from $26.1B in FY2024. Net income fell 23.7% to $3.5B. Retirement Services was the largest segment, at 84% of revenue.
Key facts
Apollo Global Management (NYSE: APO) closed fiscal 2025 on Dec 31, 2025 with revenue of $32.0B, up 22.7% from a year before; net income came to $3.5B, down 23.7%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $4.7B, down 51.8% on the same stretch of the prior year, and net income of −$1.1B. Broken down by segment, Retirement Services led with 84% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Aug 10, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Retirement Services (84%) and Asset Management (16%), as shares of total revenue. Total revenue was $32.0B.
Source: 10-K FY2025
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
A hatched bar is a loss, drawn by its size. The % change isn't shown when either quarter is a loss.
Source: Apollo Global Management 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
By segment
Source: Apollo Global Management 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 22.7% in FY2025 to $32.0B, from $26.1B a year earlier. 10-K, FY2025
- Diluted shares fell 1.7% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Retirement Services revenue grew 23.3% in FY2025 to $27.0B. 10-K, FY2025
The bear case
- Net income fell 23.7% in FY2025 to $3.5B, from $4.6B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $4.7B, down 51.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include credit losses; interest rates; regulation and capital. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Apollo Global Management is in the asset management & custody banks industry, part of the financials sector. The SEC files it under Investment Advice.
Apollo Global Management reports 2 segments: Retirement Services and Asset Management.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the asset management & custody banks industry. They are not a summary of Apollo Global Management’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Credit lossesBorrowers who can't repay cause losses, especially in a downturn.
- Interest ratesChanges in rates move what it earns on loans and pays on deposits.
- Regulation and capitalCapital, liquidity and conduct rules affect what it can do and what it costs.
- Deposits and fundingCustomers can move deposits, which raises funding costs.
- Competition and technologyBanks, fintech firms and card networks compete for customers.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- How banks make money
- The cash flow statement
- Return on equity (ROE)
- Noncash investing and financing
- Goodwill and goodwill impairment
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Apollo Global Management's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 10, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 24, 2026 | Jun 8, 2026 |
| 10-K | Feb 25, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Apollo Global Management
How does Apollo Global Management make money?
Fiscal 2025 revenue: $32.0B. By segment in FY2025: Retirement Services (84%) and Asset Management (16%), as shares of total revenue. Total revenue was $32.0B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Apollo Global Management's revenue in fiscal 2025?
$32.0B, up 22.7% from fiscal 2024 ($26.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $32.6B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Apollo Global Management profitable?
Net income was $3.5B in fiscal 2025 (down 23.7%; fiscal 2024 was $4.6B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was −$1.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Apollo Global Management report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $4.7B (down 51.8% from $9.8B) and net income −$1.1B (compared with $1.7B from $1.7B). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
What are the main risks Apollo Global Management faces?
Apollo Global Management's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the asset management & custody banks industry include Credit losses; interest rates; regulation and capital; deposits and funding; competition and technology. The first: Borrowers who can't repay cause losses, especially in a downturn. Source: 10-K, Item 1A Risk Factors.
Where do these Apollo Global Management numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Nov 5, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Apollo Global Management
- Tiger Global Management: 2,723,110 shares, reported value $322.2M at Jun 30, 2026 (−17.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- D1 Capital Partners: 1,159,000 shares, reported value $137.1M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 1,153,820 shares, reported value $136.5M at Jun 30, 2026 (+17,044.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Markel Group: 1,012,500 shares, reported value $117.5M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Citadel Advisors: 468,928 shares, reported value $55.5M at Jun 30, 2026 (+38.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 47,248 shares, reported value $5.6M at Jun 30, 2026 (+258.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 35,000 shares, reported value $4.1M at Jun 30, 2026 (−73.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 21,186 shares, reported value $2.5M at Jun 30, 2026 (−77.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in APO
- The editor holds no position in Apollo Global Management (APO). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell APO from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 6, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold APO, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| Apollo Global ManagementAPO | FY2025 | $32.0B | +22.7% | $3.5B |
| BlackRockBLK | FY2025 | $24.2B | +18.7% | $5.6B |
| BlackstoneBX | FY2025 | $14.5B | +9.2% | $3.0B |
| BNY | FY2025 | $20.1B | +7.8% | $5.5B |
| KKR | FY2025 | $19.5B | −11.0% | $2.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.